The Air Travel Trust Fund (“ATTF”) is the primary source of funding when an ATOL holder fails. Monies from the ATTF are used to meet refund and repatriation costs arising from a failure. The Fund is administered on behalf of the Air Travel Trust (“ATT”) by the Consumer and Markets Group (“CMG”) of the Civil Aviation Authority.The Fund was established in the 1970’s by way of a levy on tour operators’ holidays. The levy ceased in 1978, after which the Fund’s only income came from investments while it remained in surplus. Following a number of large calls during the early 1990s the Fund had been in deficit since 1996. As at 31 March 2016 the ATT fund had a surplus of £139 million.
The ATTF is principally funded by ATOL Protection Contributions (APC). The Civil Aviation (Contributions to the Air Travel Trust) Regulations 2007 enable the ATT to collect APCs from ATOL Holders for each person who books air travel covered by an ATOL. An insurance policy and a credit facility have been arranged to provide additional liquidity. In some failures the ATTF may also receive recoveries, such as bond monies
The Air Travel Trust (ATT) has published its Financial Statements for the year ended 31 March 2016, reporting a surplus of £139 million.
If you are affected by the collapse of World Sky Travel, please read our advice at https://t.co/8IrgPnfzFo #atolprotected #airpassengers
22 days ago
Correct link below for further information on the collapse of #ATOL holder, Jewel in the Crown Holidays Ltd https://t.co/Ej2zqbKH1D
3 months ago
Look out for your #ATOL certificate when booking holidays. More info at https://t.co/8fmZTGos06 #passengers https://t.co/OlaIwBEGdY
5 months ago
Read all @UK_CAA
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